Analysis of Transaction : This transaction increases furniture (assets) on one hand and decreases bank (assets) on the other hand by ₹60,000. Increases in assets are debited and Decreases are credited. Journal- Debit to Furniture account and credit to Bank …
Analysis of Transaction: The transaction increases the cash at bank on one hand and decreases cash in hand on the other hand. Increases in assets are debited and a decrease in assets are credited. Journal- Debit to Bank account and …
Rohit started business with cash ₹5,00,000 Analysis of Transaction : The transaction- increases cash on one hand and increases capital on the other hand. Increases in assets are debited and increases in capital are credited. Journal- Debit to Cash and …
Goods costing ₹ 25,000 sold to Rajani Enterprises for ₹ 35,000. Analysis of transaction: This transaction decreases stock of goods (assets) by ₹ 25,000 and increases assets (Rajani Enterprises as debtors ₹ 35,000) and capital (with the profit of ₹ …
Goods purchased from M/s Sumit Traders for ₹55,000. Analysis of transaction: This transaction increases goods (assets) and increases liabilities (M/s Sumit Traders as creditors) by ₹ 55,000.
Bought plant and machinery for the business for ₹1,50,000 and an advance of ₹ 10,000 in cash is paid to M/s Ramesh & Sons. Analysis of transaction: This transaction increases plant and machinery (assets) by ₹ 1,50,000, decreases cash by …
Transaction: Bought furniture for ₹160,000 and cheque was issued on the same day. Analysis of transaction: This transaction increases furniture (assets) and decreases bank (assets) by ₹160,000.Â
Transaction : Opened a bank account in Bank of India with an amount of ₹5,00,000. Analysis of transaction: This transaction increases the cash at bank (assets) and decreases cash (asset) by ₹5,00,000.
In accounting, the terms — debit and credit indicate whether the transactions are to be recorded on the left-hand side or right-hand side of the account. In its simplest form, an account looks like the letter T. Because of its …
Every transaction involves give and take aspect. In double-entry accounting, every transaction affects and is recorded in at least two accounts. When recording each transaction, the total amount debited must equal to the total amount credited. All accounts are divided …